The Fairway Cash Guarantee™ gives homebuyers an edge in competitive markets, even when they're up against investors and all-cash offers.
When competing against cash offers seems impossible, you might need the Fairway Cash Guarantee™.
Take it from Indiana homebuyer Julia Petrone, who had seen 27 properties and made four rejected offers before finally making a winning bid.
She credits the Fairway Cash Guarantee™ with helping her break her unlucky streak and land her dream home. Learn how it could help you do the same.
What is the Fairway Cash Guarantee™?
The Fairway Cash Guarantee™ makes your offer more attractive to sellers in two ways. If the seller accepts an offer backed by our Cash Guarantee and the buyer’s financing falls through (meaning they do not qualify for a home loan), Fairway will either:
● Buy the home from the seller in cash
● Give the seller $10,000 cash if they choose to relist the home
In short, the Fairway Cash Guarantee™ reduces the risk to the seller because it offers them protection if the buyer is unable to complete the sale. And that levels the playing field for homebuyers.
How does the Fairway Cash Guarantee™ work?
To qualify for the Fairway Cash Guarantee™, you must meet the following criteria:
● Have a Fairway Advantage Pre-Approval*
● Use a conventional, FHA, or VA loan to buy the home
● Home must be a single-family residence
Home must be your primary residence. The Fairway Cash Guarantee™ cannot be used to purchase investment properties
The Fairway Cash Guarantee™ only applies if you no longer qualify for financing after having your offer accepted on the home. If you decide not to buy the home due to issues found during the home inspection, or because you’ve simply changed your mind, the Fairway Cash Guarantee™ will not kick in.
Why do you need the Fairway Cash Guarantee™?
The longer a house sits on the market, the less desirable it seems – and the less negotiating power the seller has. If they accept an offer that falls through, they have to re-list the home and will possibly receive lower offers the second time around.
From the seller’s perspective, a cash offer seems safer since they don’t have to worry about the buyer qualifying for a mortgage loan.
This has been a major hurdle for many homebuyers since 2020. They’ve struggled to compete against investors and other all-cash buyers when they simply don’t have the savings to pay for a home outright.
The Fairway Cash Guarantee™ assures sellers that either they will sell the house for the agreed-upon sale price in the contract (assuming the house appraises for that amount) or they will be compensated with $10,000 in cash when they re-list the home.
That assurance can make them more amenable to accepting offers from homebuyers who plan to take out a mortgage.
And that’s exactly what happened for Julia Petrone. Julia was a well-qualified borrower. But in the tight housing market, her offers just couldn’t compete against all-cash buyers.
Enter Fairway. Once Julia’s real estate agent connected her with Will Reno, a Fairway loan officer based in Plainfield, Indiana, things began looking up. After receiving a Fairway Advantage Pre-Approval, Julia became eligible for the Fairway Cash Guarantee™. Not a moment too soon, either, because once she found The House, she was willing to do anything to make it happen.
“I knew the moment that we walked in that this was it,” Petrone recalled to Fairway. “I remember I just looked at [my real estate agent] Debbie, and I said, ‘Debbie, I don’t care what you have to do, but make this happen for me.’”
Julia’s offer was one of five that the seller received, including some cash offers. But because of the Cash Guarantee, the seller felt confident choosing Julia’s, and she was able to purchase her dream home.
“That Cash Guarantee program and everything that goes into it really boils down to peace of mind,” Reno said. “It’s saying we’re going to put our money where our mouth is if things do go south, for whatever reason.”
Indeed, the guarantee was enough to convince the seller in Julia’s case.
“The Cash Guarantee … clinched this deal ,” Ronda Cooper, the seller’s real estate agent, told Fairway. “When I explained how it worked to my seller, they were like, ‘We want to go with this offer. This offer is just as much of a guarantee of cash as the other offer that we had that was less money.’”
The bottom line on the Fairway Cash Guarantee™
Cash has been king in the housing market recently. But with the Fairway Cash Guarantee™, you don’t need to put up the cash yourself. Fairway helps homebuyers make strong, winning offers by providing sellers security and reassurance – a key step to getting your offer accepted and moving forward in your homeownership journey.